Infometrics managing director Andrew Whiteford said it was a very strong result.
"It's probably one of the higher performing regions in the country."
The growth in GDP was consistent with the district's increase in population, Mr Whiteford said.
Dairy had also been been doing pretty well in 2014, which would have contributed, he said, but the number of people living in Carterton and contributing to Carterton would always be a factor, as well.
The district's population had grown by 190 in the same year. Of the 190 newcomers, 170 were national or international migrants to the district.
People moving to Carterton and commuting out of the district were helping to grow Carterton's economy, Mr Whiteford said.
"These commuters make a big contribution to the Carterton economy."
Other research he had done showed commuters accounted for nearly 20 per cent of all income earned by Carterton residents, he said.
Mayor John Booth said house affordability was one aspect driving Carterton's population growth.
"There are a number of people moving from Wellington and the other regions.
"I think that's an affordability thing with housing and there's still that transport link with Wellington," Mr Booth said.
"These people are bringing back these higher salaries into the district and that's really important."
Carterton's citizenship ceremonies were getting bigger and bigger and schools were bulging, he said.
The increase in population was also driving new development, with three new subdivisions in progress, Mr Booth added.
